Dual role at Gallaher in US investors' interests

Gallaher has a joint chairman and chief executive, Peter Wilson. The company explains that this is in its best interests because its US investors – 98% of shareholders post-demerger – are familiar with Wilson and his joint role. This is balanced by five independent non-executive directors, including a senior non-executive director.

Next's board is well-balanced with four executive and four non-executive directors. But senior non-executive Alistair Mitchell-Innes was appointed in 1989, on the border of the 10 years' service...